FIRST ATLANTIC NICKEL REPORTS HIGHEST AWARUITE (NICKEL-IRON- COBALT ALLOY) DTR GRADES AND RECOVERY TO DATE FROM EXPANSION DRILLING AT PIPESTONE XL NICKEL ALLOY PROJECT Hole AN-25-10 Delivers Highest DTR Nickel Grade and Magnetic Concentrate Performance at RPM
FIRST ATLANTIC NICKEL REPORTS HIGHEST AWARUITE (NICKEL-IRON-
COBALT ALLOY) DTR GRADES AND RECOVERY TO DATE FROM EXPANSION
DRILLING AT PIPESTONE XL NICKEL ALLOY PROJECT
Hole AN-25-10 Delivers Highest DTR Nickel Grade and Magnetic Concentrate Performance at RPM
Zone; Company Plans to Announce Additional Drilling Around Hole 10 with Optimized Drilling
Designed to Continue Eastward Expansion Toward Chrome Pond
GRAND FALLS-WINDSOR, Newfoundland and Labrador – (GlobeNewsWire – Dec 2, 2025) – First
Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is
pleased to announce Davis Tube Recovery (“DTR”) metallurgical results from Phase 2X drill holes AN-
25-09 and AN -25-10 at the RPM Zone within its Pipestone XL Nickel Alloy Project in central
Newfoundland. Hole AN -25-10 has returned the highest magnetically recoverable nickel grades and
recovery to date at the RPM Zone, averaging 0.15% DTR Ni over 228 meters from 0.22% total nickel,
with 68.62% magnetic recovery. This is calculated from 1.44% nickel in magnetic concentrate with a
10.48% mass pull. The hole, positioned 200 meters east of the Company's previous best result (AN-24-
04: 0.14% DTR Ni over 366 meters), confirms that eastward expansion drilling toward Chrome Pond
continues to deliver above average results. The hole ended in mineralization at 233 meters after
encountering a clay-filled fault zone, and the Company plans to announce additional drilling around Hole
AN-25-10, with optimized drilling designed to penetrate deeper and continue the eastward expansion.
Hole AN-25-10 intersected the highest-grade intervals to date at the RPM Zone, including 0.17% DTR
Ni from 8 meters to 59 meters (51 meters) and 0.16% DTR Ni from 215 meters to 236 meters (21
meters), with up to 2.08% nickel in magnetic concentrate and 99.8% nickel recovery reported from whole
rock assay grades which averaged 0.22% nickel over the entire hole. The Company's current
metallurgical program is based on magnetic separation prior to flotation, leveraging awaruite's unique
magnetic properties. The average 10.48% mass pull further demonstrates that magnetic separation can
reduce the starting rock volume by approximately 90%, concentrating the recoverable nickel into just
10% of the starting mass prior to flotation. The high 68.62% magnetic nickel recovery achieved in Hole
AN-25-10 highlights the favourable performance that awaruite nickel can achieve relative to common
bulk-tonnage nickel sulfide mineralization.
Unlike conventional nickel sulfide minerals such as pentlandite (Fe,Ni) ₉S₈, which contain sulfur, a non-
metallic chemical element that must be removed through secondary processes such as smelting or
roasting prior to the refining stages required to produce nickel sulphate (NiSO4) for EV battery precursor
cathode active materials (pCAM), awaruite (Ni ₃Fe) is a naturally occurring nickel -iron-cobalt alloy that
already exists in a reduced metallic state containing approximately 77% nickel. Composed entirely of
metal elements, awaruite requires no reduction or chemical processing, offering a mine-direct-to-refinery
pathway that bypasses the bottleneck of limited North American smelting capacity, with the potential to
unlock large-scale domestic nickel production for the battery supply chain. The metallurgical program
continues to advance, with mineralogy, recovery, and concentrate testing ongoing. In addition to cobalt
as a byproduct, disseminated chromium occurs with awaruite in all RPM Zone drill holes, and the
Company has expanded its metallurgical program to include chromium as an area of interest for
potential byproduct recovery. The metallurgical program is designed to create a marketable direct-to-
refinery awaruite concentrate containing nickel and cobalt, and the Company is now also evaluating the
potential for a high-grade chromium concentrate. Updates on recovery, separation, and preliminary
concentrate products for nickel, chromium, and cobalt are anticipated in early 2026.
Please call 844-592-6337 or email [email protected] to connect with Rob Guzman, First Atlantic
Nickel's Investor Relations, for questions or more information.
KEY HIGHLIGHTS:
1. Best DTR Nickel Results to Date: Hole AN-25-10 returned 0.15% DTR Ni over 228 meters, the
highest average magnetically recoverable nickel grade to date at the RPM Zone, calculated from
1.44% Ni in magnetic concentrate with a 10.48% mass pull. This represents a 25% increase
over the RPM Zone average of 0.12% DTR Ni (calculated from 1.29% Ni concentrate and 9.25%
mass pull).
2. Highest-Grade Intervals - Open at Depth: Hole AN-25-10 returned 0.17% DTR Ni from 8 to 59
meters (51 m), and 0.16% DTR Ni from 215 to 236 meters (21 m), both the best interval grades
to date. The drill hole stopped in mineralization at 233 meters due to a clay-filled fault zone with
abundant magnetite. Follow-up drilling from new collar locations will test deeper near Hole AN -
25-10.
3. Eastward Drilling Delivers Best Results: Hole AN -25-10, positioned 200 meters east of the
previous best hole (AN-24-04: 0.14% DTR Ni over 366 meters), exceeded that benchmark. The
eastward trend toward Chrome Pond, where historic sampling returned up to 62.2% Cr ₂O₃ -
continues to yield the highest DTR Ni grades on the property.
4. High Nickel Recovery from Awaruite: Hole AN-25-10 achieved 68.62% magnetic nickel
recovery, the best average recovery to date at the RPM Zone. Awaruite (Ni ₃Fe) contains
approximately 77% nickel, or 2-3x the grade of common nickel sulfide minerals, enabling simpler
magnetic concentration with less complicated flotation and supporting higher end-concentrate
grades.
5. Additional Drilling Planned: The Company plans to announce additional drilling around Hole
AN-25-10. Optimized drilling is designed to test deeper and continue expansion eastward. The
eastern extension toward Chrome Pond remains open and is a high priority target.
6. Chromium Co-Product Potential: Chromium occurs with awaruite nickel in all RPM Zone drill
holes, averaging 0.29% Cr and 0.15% DTR chromium. Mineralogy studies are underway to
identify chromium mineral content and assess recovery and concentration potential for a
chromium by-product concentrate.
7. Metallurgical Program Expanding: Mineralogy, recovery, and concentrate testing are ongoing.
Chromite has been identified as the chromium-bearing mineral, and the Company is evaluating
recovery methods and processing options. Updates on recovery, separation, and preliminary
nickel, chromium, and cobalt concentrate products are anticipated in early 2026.
HOLE AN-25-10 DELIVERS BEST RESULTS TO DATE ON EASTERN EXTENSION
Table 01: Pipestone XL Nickel Alloy Project - Summary of Assay Results and DTR Metallurgical Test
Results for Drill Hole AN-25-10 (RPM Zone)
Hole ID
From
(m) To (m)
Interval
(m)
Mass Pull
(%)
Nickel -
Magnetic
Concentrate
Grade
Ni ( %)
Nickel - Total
Grade
Ni (%)
DTR Nickel
Grade -
Magnetically
Recovered Ni (%)
Total
Nickel
Recovery
(%)
Chromium -
Magnetic
Concentrate
Grade
Cr (%)
Chromium
Total
Grade
Cr (%)
DTR
Chromium
Grade -
Magnetically
Recovered
Cr (%)
Cobalt -
Magnetic
Concentrate
Grade
Co (%)
AN-25-10 8 236 228 10.48 1.44 0.22 0.15 68.62 1.54 0.29 0.16 0.05
including 8 59 51 9.47 1.76 0.21 0.17 79.80 1.55 0.29 0.15 0.06
215 236 21 9.21 1.72 0.22 0.16 71.74 1.70 0.29 0.16 0.06
Including "Up To" 15.20 2.08 0.26 0.19 99.80 2.85 0.46 0.33 0.07
Hole AN-25-10 was positioned 200 meters east of Hole AN -24-04, the Company's previous best drill
hole (0.14% DTR Ni over 366 meters), to test the continuation of high-grade mineralization toward
Chrome Pond. The hole returned 0.15% DTR Ni over 228 meters from 0.22% total nickel, with 68.62%
magnetic recovery. This was calculated from 1.44% nickel in magnetic concentrate with a 10.48% mass
pull, exceeding the RPM Zone averages of 1.29% Ni in concentrate and a 9.25% mass pull. This result
represents a 25% increase over the average DTR Ni grade of 0.12% across all previously reported RPM
Zone drill holes.
Hole AN-25-10 intersected the highest-grade intervals to date at the RPM Zone, including 0.17% DTR
Ni from 8 to 59 meters (51 meters) and 0.16% DTR Ni from 215 to 236 meters (21 meters). These
results confirm that the eastern extension of Line Section S1 hosts the best magnetically recoverable
nickel grades reported to date, supported by visual observations of disseminated, large-grain awaruite
mineralization throughout the entire drilled interval.
Drilling was halted at 233 meters after the hole encountered a clay-filled fault zone that caused complete
loss of water circulation and excessive torque on the drill rods. Drill cuttings contained abundant
magnetite that could not be washed from the borehole, preventing further advancement without risking
equipment damage or the drill becoming irretrievably stuck downhole. Although the fault zone required
suspension of drilling, the abundance of magnetite in the drill cuttings is encouraging, as awaruite
commonly forms alongside magnetite during serpentinization. The hole ended in mineralization grading
0.16% DTR Ni over the final 21 meters, confirming continuation of the system at depth. Given the
significance of these results, the Company plans to announce additional drilling around Hole AN-25-10,
with optimized drilling designed to penetrate deeper and continue eastward expansion toward Chrome
Pond.
Figure 01: Cross-sectional view of the RPM Zone Hole AN-24-02 to AN-24-04 and AN-25-10, showing
the distribution of magnetic concentrate and DTR nickel values. Hole AN-25-10 averages 1.44% nickel
and 1.54% chromium in continuous metallurgical DTR magnetic concentrate, with an average 10.48%
Mass Pull and 0.15% DTR nickel over 228 meters.
Table 02: Drill Hole Collar Location Information
Hole ID Easting (UTM) Northing (UTM) Elevation (m) Azimuth (°) Dip (°) Depth (m)
AN-25-09 567517 5358377 219 270 -60 480
AN-25-10 567520 5357575 241 90 -60 233
Figure 02: Drill core from Hole AN-25-10 at 9 meters, showing disseminated awaruite (nickel-iron alloy)
in serpentinized peridotite (top); photomicrographs show awaruite grains up to ~500 microns in size
(bottom).
Figure 03: Drill core from Hole AN -25-10 at 146 meters, showing disseminated awaruite (nickel -iron
alloy) in serpentinized peridotite (top); photomicrographs show awaruite grains up to ~450 microns in
size (bottom).
Figure 04: Drill core from Hole AN -25-10 at 233 meters, showing disseminated awaruite (nickel -iron
alloy) in serpentinized peridotite (top); photomicrographs show awaruite grains up to ~350 microns in
size (bottom).
Hole AN-25-09, located 800 meters north of the discovery drilling on Section S1, was drilled from the
same collar location as Hole AN-25-08 but oriented in the opposite direction. This hole tested westward
toward Pipestone Pond on Section S3 and intersected continuous mineralization over its entire 480-
meter length, returning 0.09% DTR Ni from 0.95% nickel in magnetic concentrate from 42 to 417 meters,
is greater than the 0.06% DTR Ni cutoff grade calculated at the Baptiste awaruite nickel deposit in British
Columbia1.
The westward orientation of AN-25-09, drilled prior to refined structural interpretation, was not optimally
oriented to test the true width of the awaruite-bearing body. Despite this, the hole provided valuable
geological information confirming the westwar d-dipping system, consistent with results from Hole AN -
25-07, which was also drilled westward on Section S2. The successful DTR results from eastward-
oriented holes, compared with the sub-optimal westward orientation of AN-25-07 and AN-25-09, confirm
that eastward-oriented drilling is essential to test the true width of the mineralized body and continues
to deliver the best grades on the property.
Table 03: Pipestone XL Nickel Alloy Project - Summary of Assay Results and DTR Metallurgical Test
Results for Drill Hole AN-25-09 (RPM Zone)
Hole ID
From
(m) To (m)
Interval
(m)
Mass Pull
(%)
Nickel -
Magnetic
Concentrate
Grade
Ni ( %)
Nickel - Total
Grade
Ni (%)
DTR Nickel
Grade -
Magnetically
Recovered Ni (%)
Total
Nickel
Recovery
(%)
Chromium -
Magnetic
Concentrate
Grade
Cr (%)
Chromium
Total
Grade
Cr (%)
DTR
Chromium
Grade -
Magnetically
Recovered
Cr (%)
Cobalt -
Magnetic
Concentrate
Grade
Co (%)
AN-25-09 9 483 474 9.00 0.93 0.23 0.08 36.07 1.61 0.28 0.14 0.06
including 42 417 375 9.03 0.95 0.23 0.09 37.16 1.57 0.26 0.14 0.06
including "Up To" 12.00 1.20 0.26 0.11 45.79 3.94 1.23 0.34 0.08
1 https://fpxnickel.com/news/fpx-nickel-delivers-pfs-for-baptiste-nickel-project-with-after-tax-npv-of-us2-01-billion-and-
18-6-irr/